ShareChat, a social media platform that operates in regional languages, has decided to reduce its workforce by 15 percent, as reported by The Economic Times. The total number of terminated employees is estimated to be around 200.  

The report added that the company is aiming for profitability in the next 4-6 quarters.   

In response to ET, a ShareChat spokesperson said that the move is in alignment with the company’s strategic vision. 

The company is trying to make things simpler and more efficient. It wants to get more done and set itself up for long-term success, the spokesperson added in response to the news platform's query. 

A month ago, chief revenue officer Udit Sharma resigned from his post at ShareChat. Sharma joined the country's largest domestic social media company in June last year. 

Mohalla Tech, the parent company of the social media platform ShareChat, registered losses that widened by over 38 percent to Rs 4,064 crore during FY2013, compared to Rs 2,941 crore in FY2012.   

Mohalla Tech reported a 62 percent increase in its revenue from operations in FY22 to Rs 540.21 crore from Rs 332.69 crore, as reported by INC42. 

Total revenue grew by 54.9 percent to Rs 628.85 crore, ShareChat's parent unit, as well as the short video entertainment app Moj, raised $255 million from Google, Times Group, and Temasek in FY2013.  

At the unit level, it spent Rs 7.16 to earn one rupee of operating revenue, one of the highest expense-to-revenue ratios for a unicorn in FY2013. The in-app virtual currency ‘ShareChat Coin’ accounted for 52 percent of total revenue, overtaking its advertising revenue, as per the report.